Geller Rudman & Dowd LLP ("Robbins Geller") (http://www.rgrdlaw.com/cases/genworth/)
today announced that a class action has been commenced on behalf of an
institutional investor in the United States District Court for the
Southern District of New York on behalf of purchasers of Genworth
Financial, Inc. ("Genworth") (NYSE:GNW) securities during the period
between February 3, 2012 and April 17, 2012 (the "Class Period").
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from today. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests, please
contact plaintiff's counsel, Darren
Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via
e-mail at firstname.lastname@example.org. If you
are a member of this class, you can view a copy of the complint as
filed or join this class action online at http://www.rgrdlaw.com/cases/genworth/.
Any member of the putative class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do nothing
and remain an absent class member.
The complaint charges Genworth and certain of its officers and directors
with violations of the Securities Exchange Act of 1934. Genworth is a
financial security company that provides insurance, wealth management,
investment and financial solutions.
The complaint alleges that throughout the Class Period, defendants
violated the federal securities laws by disseminating false and
misleading statements to the investing public, including about the
stability and outlook of the Company's Australian mortgage insurance
unit or the Company's ability to complete an initial public offering
("IPO") of its Australian business unit in the second quarter of 2012.
As a result of defendants' false and misleading statements, the
Company's stock traded at artificially inflated prices during the Class
Period, trading as a high of $9.54 per share on February 21, 2012.
On November 3, 2011, Genworth announced plans to pursue a minority share
IPO of its Australian mortgage insurance business. The Company planned
to sell up to 40% of its $2 billion Australian unit and intended to use
part of the proceeds to repurchase shares of the Company's stock. The
complaint alleges that throughout the Class Period, defendants assured
investors that the IPO remained on track to close in the second quarter
of 2012. Then on April 17, 2012, Genworth announced a new timeframe for
completing its planned IPO, stating that "Genworth is now seeking to
complete the IPO in early 2013, subject to market conditions, valuation
considerations including business performance, and regulatory
approvals." On this news, the Company's stock price dropped $1.83 per
share on April 18, 2012 to close at $5.87 per share, a one-day decline
of nearly 24% and a nearly 39% decline from its Class Period high.
Plaintiff seeks to recover damages on behalf of all purchasers of
Genworth securities during the Class Period (the "Class"). The plaintiff
is represented by Robbins Geller, which has expertise in prosecuting
investor class actions and extensive experience in actions involving
Robbins Geller represents U.S. and international institutional investors
in contingency-based securities and corporate litigation. With nearly
200 lawyers in ten offices, the firm represents hundreds of public and
multi-employer pension funds with combined assets under management in
excess of $2 trillion. The firm has obtained many of the largest
recoveries in history and has been ranked number one in the number of
shareholder class action recoveries in MSCI's Top SCAS 50 every
year since 2003. Please visit http://www.rgrdlaw.com
for more information.
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